Main Points Related to Bitcoin, web3, Ethereum, and Cryptocurrency:
– Multiple pro-crypto voices criticized the SEC’s Wells Notice issued to NFT Market OpenSea
– OpenSea faced potential legal action for allegedly violating federal securities laws by selling NFTs
– OpenSea gained popularity during the NFT boom of 2020/2021 with digital art collections on Ethereum
– Industry figures condemned the SEC’s regulatory actions as “regulation by enforcement”
– Tensions arose between the SEC crackdown on crypto and political implications for the 2024 Presidential Election
Pro-Crypto Outrage Against SEC’s Wells Notice on OpenSea
Several pro-crypto figures expressed dismay at the SEC’s Wells Notice targeting NFT Market OpenSea for alleged violations of federal securities laws related to NFT sales.
OpenSea and the NFT Boom on Ethereum
OpenSea, launched in 2017, gained significant traction during the NFT boom of 2020/2021, with its on-chain trading shop facilitating the sale of digital art collections on Ethereum.
Industry Backlash and Political Implications
The industry criticized the SEC’s actions as “regulation by enforcement,” leading to strained relations between the crypto industry and potential political leaders, such as Vice President Harris, amidst the 2024 Presidential Election landscape.
